Family fights U.S. Treasury over rare 'Double Eagle' coins

  • July 07, 2011 10:56

  • Email
A 1933 "Double Eagle" $20 gold coin.

A Philadelphia family began a court battle on Thursday with the U.S. Treasury over ownership of 10 'double eagle' gold coins from 1933.

The daughter and grandsons of jeweler Israel Switt (d. 1990) say they are the rightful heirs of the cache of coins---worth perhaps $80 million or more---found in his safety deposit box in 2003.

One similar coin sold at a Sotheby's auction for $7.6m in 2002.

Treasury officials maintain that the coins were never circulated and had been stolen from the U.S. Mint in 1933. The U.S. government seized the family's coins when they went in to have them authenticated.

President Franklin D. Roosevelt took the country off the gold standard in 1933. The batch of 'double eagles' was melted down except for two in the Smithsonian collection, and a handful that mysteriously disappeared.

A lawyer for the family says that the coins could have left the Mint legally since it was permissible to swap gold coins for gold bullion.

 

Read more at USA Today


  • Email

More News Feed Headlines

Joseph Mallord William Turner (1775-1851) Sunset, 1830-5.

After 13 Years, ARTFIXdaily to Cease Daily News Service

  • ArtfixDaily / August 15th, 2022

ARTFIXdaily will end weekday e-newsletter service after 13 years of publishing art world press releases, events and ...

Read More...
Einar and Jamex de la Torre, Critical Mass, 2002 (Courtesy of the Cheech Marin Collection and Riverside Art Museum).

Inaugural Exhibition at The Cheech Highlights Groundbreaking Chicano Artists

  • ArtfixDaily / July 7th, 2022

One of the nation’s first permanent spaces dedicated to showcasing Chicano art and culture opened on June ...

Read More...
Jacob Lawrence,.  .  .  is life so dear or peace so sweet as to be purchased at the price of chains and slavery?—Patrick Henry,1775 , Panel 1, 1955, from Struggle: From the History of the American People, 1954–56, egg tempera on hardboard.  Collection of Harvey and Harvey-Ann Ross.  © 2022 The Jacob and Gwendolyn Knight Lawrence Foundation, Seattle / Artists Rights Society (ARS), New York.

Crystal Bridges Explores the U.S. Constitution Through Art in New Exhibition 'We the People: The Radical Notion of Democracy'

  • ArtfixDaily / July 7th, 2022

Original print of the U.S. Constitution headlines exhibition sponsored by Ken Griffin (who purchased it for $43.2 ...

Read More...
Salvador Dalí (1904–1989), Christ of St John of the Cross, 1951, oil on canvas © CSG CIC Glasgow Museums Collection

Dalí / El Greco Side-by-Side Exhibit Prompts: 'Are They Really Paintings of the Same Thing?'

  • ArtfixDaily / July 6th, 2022

From July 9 to December 4, 2022, The Auckland Project in the U.K. will unite two Spanish masterpieces from British ...

Read More...

Related Press Releases

ARTFIXdaily Artwire